If you are currently going through the divorce process, you most likely have several questions, including what will happen to your assets, such as your home, as well as your debt, including credit card debt. Please continue reading and reach out to our experienced Los Angeles divorce attorneys to learn more about equitable distribution and how it may affect you. Here are some of the questions you may have regarding credit card debt and your divorce:
Who will have to pay off credit card debt during the divorce process?
If your spouse accumulated a significant amount of credit card debt while you were both still married, you are most likely hoping that you will not be responsible for paying off that debt. After all, it wasn’t you who spent so frugally. However, unfortunately for many spouses in California, this is not the case, as the state of California is a community property state. Further, you should note that if your spouse used a credit card with your name on it, you and only you will have to pay off that debt. Refusing to pay off credit card debt can have significant ramifications. For example, first, it will hurt your credit score. Then, you may even be sued by your creditor, causing very serious financial issues.
What is a community property state and how will it impact the division of credit card debt during a divorce?
A community property state holds that all debt acquired during the course of a marriage is the responsibility of both parties. This means that you will both have to work to pay off credit card debt accumulated during your marriage. Fortunately, however, in most cases, if your spouse accumulated debt before you were married, you shouldn’t have to pay it off, as it will most likely be considered separate, not community, property.
If you have any further questions regarding credit card debt and divorce, please do not hesitate to pick up the phone and give our experienced California divorce attorneys a call today. We have helped countless people through every step of the process in the past, and we are prepared to do the same for you.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.